Archive for August 1, 2008
Stupidest Tax Mistakes To Avoid This Time Around
August 1, 2008, 3:14 pmAs the season to fill tax returns and forms approaches people get confused and nervy. The IRS dons the role of a huge brooding monster that is all set to devour you. Unfortunately most of us keep postponing filing of papers and putting our affairs in order until the very last minute and then confusion and stress reign supreme.
The last minute dash and the lack of knowledge of tax laws, depreciation formulas, and deductibility guidelines can land you in a soup. And, this means coughing up precious dollars that you could find better use for.
Errors however small can result in payment of higher taxes and can mean a delayed or no refunds. As in everything, the way to smoothen things is to be systematic and file papers pertaining to tax returns carefully throughout the year. Do not throw away bills, vouchers, or receipts that support your tax forms. Next discipline your self to read the IRS rules and regulations. Do not depend on what others tell you or hearsay. Check out facts for yourself.
Everyone makes “tax” return mistakes even professors, CEOs, and VPs. Some common mistakes which are just plain idiocy or stupid are:
1. Benefits claimed pertaining to dependent children. Often if you fail to know the allowed exemptions you may fail to make a correct claim or make an incorrect one. To help clear confusion in 2006 the IRS created a uniform definition of a child and the broad outlines are at: http://www.bankrate.com/brm/itax/tips/20010208a.asp . However if you have any doubts or questions clear them before filing your return.
2. Most errors are calculation mistakes and wrongly filled in figures. Always check and recheck where the full stop or comma is applied. Go through the numbers patiently and do your totaling on two separate days. Better still ask a family member or friend to check the figures for you. Consider using “tax software programs” these ease many problems in filing your return. When filling details keep in mind the fact that the IRS will check entries against W-2, 1099 and other statements that pertain to your tax. If a discrepancy is found it just means trouble as well as delays.
3. Forgetting to sign and date the forms is a mistake that leads to the IRS just not processing your return. Be sure to check all the pages carefully and ensure you have not missed anything however small and insignificant. Another common error is forgetting to write your social security numbers or tax ID numbers.
4. Often tax payers forget to submit all relevant forms like W-2, 1040, or 07, or 16. Check the relevant schedule for each claim and ensure that all relevant and supporting forms are attached to the return.
5. Failing to keep track of investments, allowed deductions, interests paid or earned and so on. You need to maintain details of when you invested, what dividends were paid, whether any taxes were deducted on maturity, any capital gains, taxes paid on sums earlier. If you clearly keep track of taxes paid you could avoid paying tax on amounts already taxed. The calculations must be done carefully and systematically to avoid faux pas.
6. Choosing the EZ form 1040Ez rather than the long form. If your earnings, expenditure and other things are simple then just take the trouble of filling the longer form. You will be surprised at the amount you can save in taxes. The longer form allows subtractions from taxable income like student loan interest, alimony paid, donations of charities and so on.
7. Missing the deadline and asking for an extension. This means paying late penalties as well as interest. In case a personal problem prevents filing in April you need to submit form 4868 by the April deadline to get an extension.
8. Using a wrong table to make calculations. Two things need care filing status and the right tax tables. Using wrong ones or filing under a wrong status will put you in more trouble than you need. And, the mistake could mean paying taxes on taxes or on investment earnings. Be astute and compute your tax using the work sheet at the back of the booklet.
9. Three laughable mistakes tax payers make is to fill out the check wrong and forgetting to sign it. Posting the forms without the proper postage on the return package. And, worst of all not using the pre-printed label and envelope provided by the IRS.
The IRS has modernized its systems and some of the silly mistakes can be avoided if you opt for electronic filing. Last year almost over 50% of the taxes were filed using e-filing. The advantages are many. All the forms you will need are on tab, the software takes you step by step through the filling process, the electronic calculators rarely make errors, and most of all e-filing forms get processes quicker the turnaround is 14 days. See: http://www.irs.com/. If in doubt, you can e-file using the services of an authorized tax professional.
File on time and correctly. Avoid heart burn and hypertension.
Paul Wilson is a freelance writer for http://www.1888Discuss.com, the premier REVENUE SHARING discussion forum covering various business sectors such as discount shopping, press release, airport parking, online directories, songs lyrics, free softwares downloads, legal advice, games, hosting plans, website designing and many more. He also freelances for http://www.bavoo.com
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(posted in the Management Hall category)
Suffering from Osteoarthritis? Acupuncture to the Rescue
August 1, 2008, 5:17 amKeeping in tune with our commitment to providing the latest, medical breakthroughs, I recently had the rare pleasure of speaking with Professor Jorge Vas Ruiz, (Subdirector of the Master University of Acupuncture, ACMAS Huangdi located in Sevilla, Spain) regarding acupuncture’s effectiveness on osteoarthritis of the knee.
For over 8 years, Professor Ruiz and his team of elite professors have investigated the effectiveness of Acupuncture treatment. In the past two years, his work focused on a trial of 40 patients whereby acupuncture and relative therapies were applied.
The discoveries were that Acupuncture Techniques relatively proceeded to exceedingly heighten internal healing organisms. Professor Ruiz writes, “The art of traditional Chinese Medicine categorized Osteoarthritis as ‘Bi Syndromes,’ Blockages in Qi energy circulation, which results in ill health.”
From Ancient Widsom, analgesic properties were founded through points of acupuncture. Numerous studies have demonstrated which nervous system neurotransmitters and natural antigens respond to the stimulus of Acupuncture; and how the analgesic effectiveness of acupuncture fine tunes the peptide pathways and allows natural opiote substances into the undefined gray areas. In the case of Osteoarthritis, acupuncture has effectively reduced and alleviated pain improving mobility of the joints, and finally, increasing the quality of life and overall wellbeing.
Recognizing which treatment is greater for the majority as opposed to surgery, our Investigation demonstrated that acupuncture is a good treatment for arthritis of the knee. Normally, 10-12 repetitive treatments are a necessary process depending on seriousness. Normally, patients did not require treatment past 6 months.
Dr. Ruiz further explained that, “…Leading trials from patients affected by chonic neck pain were completed just a month ago and should have published results shortly. Another trial centered on acupuncture’s effectiveness on shoulder pain involving 500 patients is set to begin in one month as well.”
In closing, Professor Ruiz elaborated that, “Overall, the process of osteoarthritis responds well to acupuncture. Depending on one’s initial stage of arthritis, this medical treatment can effectively help with pain and inflammation.”
Professor Jorge Vas Ruiz is the Subdirector for, ACMAS Huangdi a practicing and teaching university of Acupuncture and traditional Chinese Medicine. His research has been featured on several medical media journals, including the British Medical Journal.
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© 12/2004 Suffering from Osteoarthritis? Acupuncture to the Rescue
Report by,
C. Bailey-Lloyd
aka. LadyCamelot
C. Bailey-Lloyd/LadyCamelot is the Public Relations’ Director
& Staff Writer for Holistic Junction — Your source of information for Acupuncturists; Acupuncture and Oriental Medicine Schools; Alternative Health Care; Insightful Literature and so much more!
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(posted in the Management Hall category)
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